KeyBanc initiates coverage on Commercial Metals Company (NYSE: CMC) with a Hold.

Analyst, Philip Gibbs, said, "The Company has been successful in improving the competitiveness of core assets, divesting non-core assets and growing cash reserves/liquidity, offering longer-term opportunities for value enhancement. However, with CMC's growth largely tied to improvement to a challenged U.S. non-residential construction market, we believe shares lack of a meaningful upside catalyst; we have shaded our 4Q12 (August) and FY13 EPS estimates of $0.25 and $1.35 below Street expectations of $0.30 and $1.52, respectively. We see shares in a $11-$15 range until the macro pieces fall into place for a stronger recovery."

For an analyst ratings summary and ratings history on Commercial Metals Company click here. For more ratings news on Commercial Metals Company click here.